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On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 72,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 720,000 216,000 864,000 $ 1,800,000 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11, b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $24 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. DE X Answer is not complete. Complete this question by ente ng your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,000 shares of its own common stock at $25 per share on October 11 b. Sold 1,000 treasury shares on November. 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $24:cash per share. Show less A No Transaction 1 281818181828181818181 General Joumal Treasury stock Cash HET Debit LED Credit 125 000 FREE 125,000 23 2 b Cash 31,000 Treasury stock Paid-in capital, treasury stock 9.00 1425,000 6,000 GUNLU 3 Cash. 96,000 12412 Paid-in capital, treasury stock Treasury stock Required 2 > On October 10, the stockholders' equity section of Sherman Systems appears as follows. 21 Common stock-$10 par value, 72,000 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 720,000 216,000 EL 864,000 $ 1,800,000 HO 1. Prepare journal entries to record the following transactions for Sherman Systems a. Purchased 5,000 shares of its own common stock at $25 per share on October 11. b. Sold 1,000 treasury shares on November 1 for $31 cash per share. c. Sold all remaining treasury shares on November 25 for $24 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the stockholders' equity section after the October 11 treasury stock purchase. Revised Stockholders' Equity Section of Balance Sheet After October 11 Treasury stock Total contributed capital 0 Total 0 Total stockholders' equity

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